Stimulus Check for 2008

[Tiggerlover91]

Is this for everyone, or just the ones who missed out in 2007?

http://finance.yahoo.com/taxes/article/106140/Taxpayers-Get-Second-Chance-at-Stimulus

If I'm late with this thread I apologize.

 

[DebbieB]

I think it's only if you did not qualify for the other one.

"Remember those economic-stimulus checks the government was handing out this year? Many taxpayers didn't qualify for the full amount -- or for any payment at all -- because their 2007 income exceeded a certain threshold.

But many people who lost their jobs this year, or whose incomes fell for some other reason, will get a second chance next year, thanks to a little-noticed tax-law twist."
(snip)

"Thus, if you weren't eligible based on your 2007 return or received less than the maximum amount, you still might qualify for a "recovery rebate credit" on your 2008 return, to be filed in 2009, Internal Revenue Service officials say. Other people, such as a family with a child born in 2008, may also be eligible for a credit on their 2008 return, Mr. Luscombe says."

 

[HelenePA]

Ooooh I had a newbie born in 2008 awesome! Wonder if we'll get the credit for him.. it would be nice.

 

[RitaE]

No, that is not what the article is saying.

The checks that were sent out were a prepayment of the money that will be refunded on the 2008 tax forms. It was an estimate of what your stimulus rebate might be based off of your 2007 tax return numbers.

Everybody will fill out their tax forms and compute what the actual Stimulus Amount should be using 2008 income data. If the pre-payment check mailed to you in early 2008 is less than the amount figured by the estimate (or if you didn't get a check and now you would qualify) then you will get an amount back on your tax return. If the 2008 actual amount is more, meaning a you received money that you really don't qualify to receive, then the IRS will just forgive the amount.

 

[Golf4food]

This is not a new stimulus check, it is a way for people that did not get one last year who had changes in circumstances to receive some or all of that money when they file their 2008 return next spring if they met all of the requirements in 2008 but not 2007 (on which the last stimulus was based).

 

[Tiggerlover91]

Sorry, I must have misunderstood the article.